financial business project

BUSI 3013A Personal Financial Planning Midterm Project – DUE Monday Nov 9th @ noon.

Midterm project consists of developing a personal / family budget for a career of your choosing.

Consider a profession that you aspire to in the future and a location where you would like to live. Project yourself 5-10 years in the future, it does not need to be based on current conditions.

Then create a household budget that can also include the income / expenses from a spouse or partner and children.

The income should be consistent with what could realistically be expected from the profession(s) picked.

Appropriate deductions should be made for income tax, pension, and government deductions.

There should be a discussion about what type of pension and benefits if any are associated with this profession.

Expenses should consider all relevant costs: a partial list to consider include housing, utilities, transportation, food, clothing, gifts, entertainment, travel, incidentals, student loans, future savings, children’s education, sports, vacation, cable /internet/ phone, daycare costs, property tax, insurance costs, gifts, charities, clothing and property and vehicle repairs.

MLS listings can be used to provide an estimated cost of purchasing a property in the location that is chosen.

Estimated vehicle costs are available through dealer websites, Autotrader.ca and other sources.

An interview with family/friends/contacts may be helpful and is encouraged (but not required).

The report should conclude with a one-page discussion identifying the most helpful actions you could take to help reach the budget laid out and also the biggest future risks that might cause things to fail.

The use of a spreadsheet for the budget is encouraged.

Marginal and average tax rates should be calculated for the income.

RRSP savings / Projected pensions where applicable should be calculated and shown.

Mortgage payments where applicable should be calculated and shown.

Statutory deductions from income should be shown.

MAXIMUM LENGTH IS 8 PAGES.

DUE DATE IS MONDAY NOVEMBER 9TH AT NOON.